Macquarie Reiterates “Neutral” Rating for Planet Fitness (NYSE:PLNT)

Macquarie reaffirmed their neutral rating on shares of Planet Fitness (NYSE:PLNT) in a report published on Friday, MarketBeat reports. The firm currently has a $99.00 price objective on the stock, up from their prior price objective of $91.00.

PLNT has been the topic of several other research reports. Royal Bank of Canada upped their price objective on Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Robert W. Baird raised their price target on Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a report on Friday. Piper Sandler boosted their price objective on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Bank of America upped their target price on shares of Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Morgan Stanley lifted their price target on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.81.

Planet Fitness Stock Performance

Planet Fitness stock opened at $95.19 on Friday. The business’s fifty day moving average is $82.03 and its two-hundred day moving average is $75.22. The firm has a market cap of $8.11 billion, a P/E ratio of 51.18, a P/E/G ratio of 3.18 and a beta of 1.49. Planet Fitness has a 52 week low of $54.35 and a 52 week high of $98.59.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm had revenue of $292.20 million for the quarter, compared to analyst estimates of $283.79 million. During the same quarter in the prior year, the firm earned $0.59 EPS. The company’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts predict that Planet Fitness will post 2.47 earnings per share for the current year.

Institutional Trading of Planet Fitness

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Planet Fitness by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after acquiring an additional 97,823 shares in the last quarter. Dorsal Capital Management LP increased its holdings in Planet Fitness by 7.7% during the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after purchasing an additional 207,193 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Planet Fitness in the 2nd quarter valued at about $166,978,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Planet Fitness by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock valued at $116,453,000 after purchasing an additional 483,586 shares in the last quarter. Finally, Anomaly Capital Management LP acquired a new position in shares of Planet Fitness during the second quarter worth about $106,795,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.